U.S. president announces 90-day pause on tariffs for 75 countries

ArmInfo.  President Donald Trump sent markets soaring on Wednesday when he announced a 90-day pause on tariffs for countries willing to negotiate.

The president also slapped China with an even higher tariff, 125%,  after the communist country's continued retaliation.

"Based on the lack of respect that China has shown to the World's  Markets, I am hereby raising the Tariff charged to China by the  United States of America to 125%, effective immediately," Trump  wrote. "At some point, hopefully in the near future, China will  realize that the days of ripping off the U.S.A., and other Countries,  is no longer sustainable or acceptable."

For the many dozens of countries that have attempted to negotiate and  refused to retaliate with tariffs of their own, Trump will pause the  tariffs he previously imposed, and lower the "reciprocal tariff" to  10% for a 90-day period.

"Conversely, and based on the fact that more than 75 Countries have  called Representatives of the United States, including the  Departments of Commerce, Treasury, and the USTR, to negotiate a  solution to the subjects being discussed relative to Trade, Trade  Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs,  and that these Countries have not, at my strong suggestion,  retaliated in any way, shape, or form against the United States, I  have authorized a 90 day PAUSE, and a substantially lowered  Reciprocal Tariff during this period, of 10%, also effective  immediately. Thank you for your attention to this matter!"

The announcement sent the Dow Jones up over 7% and the S&P 500 over  8% with 90 minutes left to closing.

On April 2, the US President announced reciprocal tariffs on goods  from 185 countries, including Armenia.  The duty rate for the latter  is 10%. It is not yet clear whether Armenia is included in the list  of 75 countries.